*UPDATE* Guidance for Self-Employed, 1099ers & Independent Contractors
(above: national numbers reporting)
On 4/14/20, the SBA released guidance on
“Interim Final Rule – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans Applicable Affiliation Rules” highlighting frequently asked questions for PPP loan applicants who are… Individuals with Self-Employment Income who File a Form 1040, Schedule C
Please review the
19-page document to answer the following questions:
I have income from self-employment and file a Form 1040, Schedule C. Am I eligible for a PPP Loan?
How do I calculate the maximum amount I can borrow and what documentation is required?
How can PPP loans be used by individuals with income from self-employment who file a 2019 Form 1040, Schedule C?
Are there any other restrictions on how I can use PPP loan proceeds?
What amounts shall be eligible for forgiveness?
What documentation will I be required to submit to my lender with my request for loan forgiveness?
Are eligible businesses owned by directors or shareholders of a PPP Lender permitted to apply for a PPP Loan through the Lender with which they are associated?
Are businesses that receive revenue from legal gaming eligible for a PPP Loan?
Do the requirements for loan pledges under 13 CFR 120.434 apply to PPP loans pledged for borrowings from a Federal Reserve Bank (FRB) or advances by a Federal Home Loan Bank (FHLB)?
Please direct all inquiries and questions to our District Office email at:
MassachusettsDO@sba.gov WHERE DO I GO NEXT?
FREE and confidential counseling services are available across the Commonwealth.
Virtual education, training and networking sessions are happening daily.
Please schedule a virtual session with any of our Resource Partners below…
Resource Partner Network
WE ARE OPEN FOR BUSINESS!
Staff are working remotely and can be reached via email or telephone. MSBDC is committed to supporting entrepreneurs during these very challenging times.
MSBDC advisors can assist businesses with disaster loan applications.
If you are not currently a client and would like to speak with a counselor, please find your region and reach out to the
. REGIONAL OFFICE SERVING YOU
Berkshire Regional Office 33 Dunham Mall, Suite 103 Pittsfield, MA 01201 413-499-0933 | Fax: 413-499-3005 www.msbdc.org/berkshire
Central Regional OfficeClark University The Carriage House, 125 Woodland Street Worcester, MA 01610 508-793-7615 | Fax: 508-793-8890 www.clarku.edu/offices/sbdc
Northeast Regional Office (SPANISH-SPEAKING COUNSELOR)Salem State University 121 Loring Avenue, Suite 310 Salem, MA 01970 978-542-6343 | Fax: 978-542-6345 www.salemstate.edu/sbdc
Procurement Technical Assistance CenterScibelli Enterprise Center 1 Federal Street, Building 1 Springfield, MA 01105 413-545-6303 | Fax: 413-737-2312 https://www.massptac.org
Southeast Regional Office200 Pocasset Street Fall River, MA 02721 508-673-9783 | Fax: 508-674-1929 www.msbdc.org/semass
Western Regional OfficeScibelli Enterprise Center One Federal Street, Building 101 Springfield, MA 01105-1160 413-577-1768 | Fax: 413-737-2312 www.msbdc.org/wmass
Counseling Sessions with
BOSTON SCORE CHAPTER: If you want to speak with a counselor, SCORE is doing tele-consults. Just pick a date and time to schedule a session and enter your contact info, mentors are doing sessions by phone and Zoom video app.
Reach out to other SCORE CHAPTERS throughout the state below.
Eastern Massachusetts Center – Boston
44 School St., Suite 200 Boston, MA 02108 info.EasternMA@cweonline.org
Central Massachusetts Center – Westborough
69 Milk St., Ste. 217 Westborough, MA 01581 info.CentralMA@cweonline.org
Veterans Business Outreach Center of New England (VBOC of NE) 132 George M. Cohan Blvd. Providence, RI 02903 info.VBOC@cweonline.org BREAKDOWN BY STATE
MASS: 27,315 Loans Approved
DOLLAR AMOUNT: $7,073,245,593
UPCOMING Virtual Events
Wednesday, 4/15/20 at 1pm
Business Resiliency Webinar: Keeping the Lights On
Wednesday, 4/15/20 at 11am
SBA Disaster Assistance Program Info
Wednesday 4/15/20 at 12:30pm
Navigating Change in a Time of Crisis
Wednesday, 4/15/20 at 3:30pm
Honing In Your Message on Social Media to be Contextually Relevant
Thursday 4/16/20 at 10am
Intellectual Property for Small Businesses
Thursday 4/16/20 at 2pm
What Businesses are Doing to Reorganize and Realign
Thursday 4/16/20 at 6pm
Business Succession Planning Workshop
Friday, 4/17/20 at 10:00am – 10:45am
Worcester Business Journal Cares Act Update
Wednesday 4/29/20 at 10am
Funding Options – What to consider and Where to Find It.
Disclaimer: The SBA does not endorse the organizations sponsoring linked websites, and does not endorse the views they express or the products/services they offer. All programs and services are extended to the public on a nondiscriminatory basis.